Bank could have cut by 200bp

Members of the Bank of England's Monetary Policy Committee, who shocked markets earlier this month when they slashed rates by 150 basis points, had considered an even bigger cut.

The Bank stunned markets, which were expecting a move between 50 and 100 basis points, on 6 November when it opted to cut to 3%. But the minutes of the November meeting, out Wednesday, reveal the committee considered lopping 200 basis points or more off bank rate.

The minutes said: "The projections in the November Inf